Managing your money, a family plan

Historic, Archive Document

Do not assume content reflects current
scientific knowledge, policies, or practices.

0, S. DEPT. OF AGRICULTURE
iATONAL AGRICULT! I-' M

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Division of Home Economics, Federal Extension Service, U. S. Department of Agriculture March 1964

For sale by the Superintendent of Documents, U.S. Government Printing Office
Washington, D.C., 20402 - Price 10 cents

Managing Your Money

Everyone wants enough money to live on.
Many people feel they need more.

Use money to help get what you want by:

• making plans

• following your plans

• changing your plans if you need to.

To do this you must know:

• what you want

• how much money is coming in

• how to make a spending plan

• how you spend your money

• how to make changes in your spending plan

• what changes you can make.

Your money can take care of you. It cannot
take care of itself. Plan to make your money
take care of you.

CONTENTS

Managing Your Money 2

What Do You Want? 3

How Much Money Is Coming In? 5

How You Spend Your Money 6

How to Make a Spending Plan 8

See Where You Stand 10

What Changes Can You Make? 10

Keeping Track 11

Stop Careless Spending 12

Where to Get Help 12

iWhat Do You Want?

What is important to you and your family?

Each family must make its own plans. Older
children should share in family planning.

This is a good time to teach older children how
to:

• think and decide what is important

• use their time and energy

• handle money.

Your plans will work better when everyone
pulls together.

E First think what you want to do. This will help
t you decide how to use your money.

83993

List the things you want soon and in the future.
Find out what each will cost. Think how you
will save for things you want later.

Things you want or need to do soon:

• pay all bills

• buy or make clothes

• buy a piece of furniture

• take children to dentist.

Things you may want in the future:

• a different place to live

• education for the children

• a family trip

• money for a “rainy day”.

List the things first that you want the most.
Here is how you might make your list . . .

THINGS YOU AND YOUR FAMILY WANT

Soon

Cost

Future

Cost

Total

Total

1

How Much Money is

I Where do you get your money?

Is it from —

, ^ • pay check

! ' • pension

I • farm income

j .. • rent

; • social security

I • insurance

! • retirement

j • help from relatives

I • unemployment, welfare, or aid
to children checks.

Cotnin9 in?

You may be getting money from only one place. Or maybe
you get it from several.

Make a list of where you get your money. You may wish to
list this weekly, twice a month, monthly, or once a year.

List what you make before anything is taken out. Money
taken out would be: taxes, insurance, union or other dues,
social security, retirement, savings.

List money earned by all members of the family. Be sure
to list money earned by children, too.

Here is a form you can use:

HOW MUCH MONEY IS COMING IN?

Where

From

Weekly

Twice a Month

Monthly

Yearly

Total

5

How You Spend Your Money Each Day

Week or Month :

Date

FOOD

CLOTHING

HOUSING

HEALTH

EDUCATION

CONTRIBUTIONS

At

home

Away

from

home

Garments,

materials,

accessories

Altering

and

repairing

Rent,

repair

Household
supplies,
utilities,
phone, heat

Furnishings
and equipment

Doctor,

dentist,

medicine

Newspapers,
magazines,
books, tuition

Church,

community

Where does your money go? Here is a form to help you
keep track of how you spend your money. Write in each
day how much you spend under each heading. The head-
ings above the columns are only suggestions. You may
want to write in different ones.

At the end of the month, total how much you spent for
each item.

This form gives you room for 10 days’ records. For a
month, you will need to add more lines at the bottom of
the form. Or, use several copies of the form.

TRANS-

PORTATION

PERSONAL

RECREA-

TION

CLEAN-

ING

HELP

GIFTS

INSUR-

ANCE

SAVINGS

TAXES

DUES

DEBTS

Car expense,
bus, other

Haircuts,

allowances,

cosmetics

Tobacco,

candy,

drinks

Movies,

hobbies,

vacation

Dry-

cleaning,

laundry

House,

yard,

baby-

sitting

Relatives,

friends

Life,

property,

health

Bonds,

social

security,

emergency

Income,

Property,

others

Union,

associ-

ations,

others

Total amount spent for the month
Money on hand at end of month
Money coming in for the month

How to Moke o Spending Plan

Now you have seen how you actually spend
your money. Could you make better use of it?
A plan might help you. On the next page is a
form for a spending plan.

This plan can help you:

needs cost your family. This will give you an
idea about what future costs will be.

Your records, bills, cancelled checks, receipts,
and what you can remember will also help you
plan.

• control how you spend Now you can see why records can help you.

• know where your money goes. planning.

Everyone must nave some basic things like
food, housing, and clothing. Look at your rec-
ords on pages 6 and 7. See what important

Study the list — “Things You and Your Family
Want.’’ Will some of these things fit into your
spending plan?

8

YOUR SPENDING PLAN

Money you expect to make before deductions: (weekly, monthly, or yearly $_

-)

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Total

amount

planned

to

spend

Total

amount

actually

spent

Food

Clothing

Housing

Health

Education

Contributions

Transportation

Personal

Recreation

Cleaning

Help

Gifts

Insurance

Savings

Income Taxes

State

Federal

Dues

Debts

TOTALS $

s

See Where You Stand

Move the total amounts spent for each item on pages 6 and
7 to the last column of your spending plan on page 9.
Compare your spending plan with what you actually spent.
How did you come out?

Do you, have money left overl If so, this is fine. You and
your family should be proud of yourselves. Set aside the
extra money for future wants.

Probably you over spent. Many people do. Then the whole
family must look the plan over.

Changes You Can Make

Have you over spent?

Remember the important needs — such as food, a place to live,
clothing. Can the costs of these be cut? How much? To cut
costs you might:

• buy more carefully

• use things to better advantage

• avoid quick decisions.

Notice other expenses on your list. What could be left out?
What could be put off until later?

Could you increase the amount of money coming in? Some
family members may be able to take a second job or work at
home.

Now decide what changes you will make.

10

Keeping Track

• Watch where the money goes.

• Write down what you spend.

Keep a notebook handy. Use it to write
down what you buy each day. Keep all
bills, receipts, and business papers together
in one place.

Older children may:

• pay the bills

• help with paper work

This will help all the family understand
where the money goes.

11

Stop Careless Spending

All family members old enough should watch their spending.
Are dollars buying what the family wants most?

Are you spending more than you planned to? Are you
spending too much on —

• daily needs such as food and clothing

• rent

• transportation — car or bus

• recreation

Do you have too many —

• insurance payments

• time payments.

REMEMBER...

You can make your money help you
have:

• good health

• a comfortable home

• funds for a “rainy day”

• recreation

• education

But you must:

• know what you want
« ‘make a spending plan

• follow your plan

• change the plan if necessary.

Where to Get Help

Talk with:

• county extension, social and public
health workers

• members of church groups

Attend special meetings at the:

YWCA

community center
recreation center
library

Read:

newspapers

magazines

bulletins

books

☆ U. S. GOVERNMENT PRINTING OFFICE : 1964 O - 757-131

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